The Influence of Setting up Industrial Transformation and Upgrading Demonstration Zones on Corporate Financing Constraints:Based on the Staggered Difference-in-Difference Model
Taking the establishment of industrial transformation and upgrading demonstration zones as A quasi-natural experiment,this paper uses the data of China's A-share listed companies from 2010 to 2019 to investigate the impact and action path of demonstration zone policies on corporate financing constraints by using the staggered differential model,and fully discusses the heterogeneity of processing effects of the staggered differential model.It is found that after the establishment of the demonstration zone,the level of financing constraints of enterprises in the jurisdiction can be significantly alleviated,and the policy effect is sustainable.The above conclusions are still valid after considering the heterogeneity of processing effects of the staggered differential model and a series of identification hypothesis tests and robustness tests.Mechanism analysis shows that expanding enterprise financing sources and reducing enterprise operating costs are important ways to alleviate enterprise financing constraints.Strengthening government regulation at the macro level,adhering to market orientation,and further expanding opening-up can effectively attract financial institutions and investors to participate in the construction of the demonstration zone,help the financing of enterprises in the demonstration zone,and play a positive role in easing the financing constraints of enterprises in the demonstration zone.In addition,the implementation of the demonstration zone policy has created a high-quality business environment for the development of enterprises,attracted a large number of new enterprises to enter,stimulated the internal power of enterprise innovation and transformation development,improved the total factor productivity level of enterprises,and has significant economic benefits.The conclusion of this paper is helpful to expand the research framework of macro industrial policy and enterprise behavior,and has important implications for further improving the policy of demonstration zones.
industry transformation and upgrading demonstration areafinancing constraintstreatment effect heterogeneitystaggered difference-in-difference method
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万方数据
